Parent-focused e-commerce site wauwaa.com raises €220,000 for UK product launch
Private investor backing follows Finnish government grant for young business
Parenting information and e-commerce firm wauwaa.com has announced the closure of a round of seed funding which raised €220,000 from private investors, valuing the pre-launch company at around €2m.
The firm, which is jointly located in London and Helsinki, will use the fund primarily to assist with the UK launch of its website later this summer.
Wauwaa.com claims the site will provide information, multimedia content and e-commerce offerings through partnerships to parents in the UK.
The NHS has also partnered with the firm and is set to provide 300 videos from the medical community for the site.
The €220,000 seed funding was led by US investor Peter Briger, co-chairman of private equity firm Fortress Investment Group, and American financial services veteran Michael Pierce.
Alongside the seed funding, Finnish government innovation agency Tekes has provided wauwaa.com with a grant for just less than €100,000 to develop the technology and design side of the business.
Ivan Lopez, co-founder and chief executive of wauwaa.com, said: “It is a pleasure to have such a supportive group of experienced investors from around the world trust in our vision and plan. We are on a clear path for launch and I am really impressed with what we are going to offer to the market in a few short months.
“Receiving the grant from Tekes also validated our business plan and approach. We chose to base our operations in Finland as well as London in order to tap into a mixture of young and highly experienced technology talent. The support from Tekes is a real added benefit for developing unique technology and design for the Wauwaa consumer experience.”